Applied Digital Secures $125M in Financing from CIM Group

VRJwebmaster — Mon, 10 Jun 2024 22:21:19 +0000

CIM Group closed on an initial $125 million loan commitment with a potential increase of up to $200 million to Applied Digital, a company specializing in High-Performance Computing (HPC) data center solutions. The loan will fund the construction of Applied Digital’s HPC Campus in Ellendale, North Dakota.

“As a long-term investor in digital infrastructure, CIM Group appreciates and supports the great strides Applied Digital is making with its diversification into next-generation digital infrastructure designed to serve global technology companies,“ said Avi Shemesh, Co-Founder and Principal, CIM Group.

In October 2023, Applied Digital began construction on the campus’s first building, a 100 MW, 342,000-square-foot data center. Additionally, Applied Digital has entered into exclusivity and executed an LOI with a U.S.-based hyperscaler for a 400 MW capacity lease at this campus.

“CIM’s financing facility will be instrumental in solidifying Applied Digital’s position as a leading HPC data center owner and operator,” said Wes Cummins, Applied Digital’s CEO.

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CIM Trades DC-Area Apartments for $225M

VRJwebmaster — Fri, 29 Mar 2024 22:04:32 +0000

CIM Group said Friday it had sold Mason at Van Dorn, a 1,180-unit apartment community in Alexandria, VA. The Washington Business Journal reported the sale to a partnership of Shoreham Capital and Bridge Investment Group Holdings at $225 million. CIM acquired the community in December 2017.

Over the course of its six-year ownership and management, CIM instituted a program of improvements to Mason at Van Dorn, which was built in 1972. Throughout CIM Group’s ownership, upgrades to the property’s communal areas and amenities, and as residences became vacant, they were renovated with new flooring, cabinetry, appliances, fixtures and lighting.

Mason at Van Dorn is located adjacent to WestEnd Alexandria, the redevelopment of the 52-acre former Landmark Mall which includes the future Inova Alexandria Hospital Campus. The property is four miles from Old Town Alexandria and a mile north of the Van Dorn Metro Station.

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The post CIM Trades DC-Area Apartments for $225M appeared first on Connect CRE.

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Applied Digital Secures $125M in Financing from CIM Group

CIM Trades DC-Area Apartments for $225M